Afternoon Coffee: Apple Quarterly Results Impact Suppliers, US Steel Files Complaint Against Chinese Steel Producers

marioav/Adobe Stock

Apple suppliers took a hit this week after the tech giant reported lackluster quarterly results and announced it would cut inventory by $2 billion. For example, shares of suppliers Skyworks Solutions and NXP Semiconductors fell more than 5% and 2%, respectively, on Tuesday.

U.S. Steel filed a complaint against Chinese steel producers, saying they conspired on fixed prices, stole trade secrets and skirted duties on imports in the U.S. by using false labeling. The steelmaker filed its complaint with the U.S. International Trade Commission.

Oil prices hit a high point for 2016, with West Texas Intermediate crude oil reaching $44.82 a barrel today. Brent crude prices also rose 1.8% to $46.57 per barrel as the global surplus of oil seems to be easing.

Orders for durable goods increased just 0.8% in March, much less than expected. The Commerce Department reported this week demand for vehicles, computers and electronics fell last month.

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